DIGITAL STRATEGY
“Historically , satellites have been used selectively across the insurance spectrum due to high costs ”
REIJO POLD FOUNDER & CHIEF STRATEGY OFFICER , VALUE . SPACE
and improve their loss ratios . This capability exists today – we have made it cost-effective , and it will be even better in the years ahead , with new satellite capabilities coming online .”
What are the main use-cases for satellite imaging in insurance ? Owing to the nature of aerial imaging and photography , drones and satellites can prove immeasurably powerful for the insurance sector . They are able to take in huge swathes of data – more than any human is able to process – and make sense of it , either for the purpose of loss adjustment or risk assessment .
The insurance verticals most conducive to the use of earth observation , aerial imaging and satellite technology are those where timely , accurate data on geographical and environmental conditions are crucial ,” says Mark Costello , Co-Founder & CEO of commercial insurance broker Taveo .
The continuous influx of real-time data from these technologies can lead to more dynamic insurance models ; better risk management ; and more accurate , faster claims processing across these verticals .
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